The most popular cryptocurrency exchange in the U.S., Coinbase, has big ambitions that focus on conquering new countries. This will allow it to expand its audience as well as increase revenue at a time when crypto trading in the US itself is slowing down, The Street writes.

One of the cornerstones of this international expansion is India, with a population of 1.38 billion.

“India has built a robust identity and digital payments infrastructure and is implementing it at a rapid scale and speed. Combined with this country’s world-class software advances, we believe cryptotechnology and web3 can help accelerate India’s economic and financial integration goals,” said Brian Armstrong, CEO of the crypto exchange.

Coinbase CEO hosted a crypto community event in Bangalore on April 7 to discuss the future of cryptocurrency and web3 in India along with students from leading universities, cryptocurrency founders, Indian entrepreneurs.

At the same time, on April 7, Coinbase announced that crypto investors can now use a national online retail payment system to transfer funds to the platform. This system is known as United Payments Interface or UPI and is a government-regulated payment system.

It is managed by the National Payments Corporation of India, which is part of the country’s central bank.

However, 3 days after this announcement, Coinbase suspended the transfer of rupees to its merchant app, without giving a reason for this abrupt halt, but it is possible that it is due to the fact that the country’s authorities were not aware of Coinbase’s projects.